During the 2023 UNCITRAL South Asia Conference, Minister of State (MoS) for External Affairs Rajkumar Ranjan Singh underscored India's unique relationship with UNCITRAL (United Nations Commission on International Trade Law), highlighted its continuous membership since the organization's inception. He also delved into the region's diverse characteristics and the substantial economic strides made in South Asia.

This significant gathering, jointly organized by the Ministry of External Affairs (MEA), UNCITRAL, and the UNCITRAL National Coordination Committee for India (UNCCI), witnessed its inauguration led by Chief Justice of India Justice DY Chandrachud.

The Ministry of External Affairs in the press release said, "The three-day conference is in continuation of the conference hosted in New Delhi, in 2016 to celebrate 50 years of UNCITRAL and is aimed at furthering India's engagement with UNCITRAL and to encourage interaction between UNCITRAL, Judiciary, bureaucracy, academia and the legal fraternity."

In his inaugural speech, Chief Justice DY Chandrachud recollected his participation in the previous 2016 conference, where he addressed the subject of ISDS reforms. He highlighted the substantial progress made since then, with the UNCITRAL Commission recently adopting its initial texts on ISDS (Investor-State Dispute Settlement) reforms.

Chandrachud underscored India's significant role within UNCITRAL, particularly in advocating for the inclusion of this topic within a Working Group of UNCITRAL. He also noted that international investment law had faced criticism for its perceived disadvantages to developing countries.

According to the press release, "He also pointed out that International investment law has been criticized for being disadvantageous to developing countries, and mentioned that it was essential that the formulation of any new systems in international investment law, such as the creation of a permanent court, adequately account for these concerns and ensure that they do not remain areas of concern as the need of the hour is a fair and balanced system for the resolution of investor-state disputes."

During the conference, Attorney General of India R Venkataramani addressed the shortcomings of the investment treaty regime, emphasizing the necessity for its reevaluation. He advocated for a global investment law declaration led by India and expressed optimism regarding the establishment of a New Delhi Convention.

UNCITRAL Secretary Anna Joubin-Bret provided an overview of UNCITRAL's various projects and subjects undertaken by its Working Groups during the event. Fali S Nariman, Chair of UNCCI, discussed challenges within the international arbitration system including concerns about arbitrator bias.

The conference's inaugural session saw the participation of judges from the Supreme Court of India, various High Courts, senior advocates, legal experts, academia, and government officials.

The MEA in the press release said, "The comprehensive agenda, of the conference includes sessions featuring global and regional experts providing insights on a wide range of topics such as the digital economy, MSMEs and access to credit, insolvency, investor-state dispute settlement reform, international commercial arbitration, and mediation."

The conference's key highlights, as per the MEA press release, encompass a high-level Roundtable on Regional Perspectives on UNCITRAL, with the final day dedicated to alternative dispute resolution developments. This includes a session featuring judges from various High Courts discussing strategies to establish India as an arbitration hub.

The MEA emphasized its active engagement in UNCITRAL activities, particularly ISDS reforms and advancing India's role as an arbitration hub. Through this conference, the Ministry aims to engage with the legal community and policymakers.  Promote India as a prime arbitration destination and enhance capacity in international trade law to foster best practices and improve the ease of doing business.

Image source: BS